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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

AIG Korea advised to improve management

By Kim Bo-eunFinancial authorities have advised AIG Korea, the local arm of the U.S. insurance giant American International Group, to improve management of risks associated with insurance products.According to the Financial Supervisory Service (FSS), the Financial Services Commission (FSC) recently advised the general insurance company to make such improvements in early April, based on a regular inspection carried out by the FSS in the last two months of 2018. The FSC is the nation's top regulator overseeing the FSS, a quasi-government financial watchdog.An official at the FSS, which conducted the ”Risk Assessment and Application System” (RAAS) inspection, said "AIG Korea scored below the standard on two criteria on managing risks concerned with its insurance products.”The company was also found to have problems with board meetings, audits and protecting consumers. It is unusual for an insurer to be advised to improve management, since former cases were centered on their ratio of risk-based capital (RBC), according to the FSS official. AIG Korea has one of the highe

Apr 24, 2019By Kim Bo-eun
AIG Korea advised to improve management

Hyundai Capital, Santander launch joint venture in Brazil

Hwang Yoo-no, third from left, global president of Hyundai Capital, and Banco Santander Brasil CFO Angel Santodomingo, fourth from left, pose with other officials at their joint venture launch event in Sao Paulo, Brazil, March 20. Courtesy of Hyundai CapitalBy Park Hyong-kiHyundai Capital and Spain-based Santander Group have launched a joint venture in car financing in Brazil, the financial arm of Hyundai Motor Group said Wednesday. The venture will be named Banco Hyundai Capital Brasil with an equity capital of $81 million. Hyundai Capital and Santander Brasil each hold a 50 percent stake in the entity, which will be “the exclusive” consumer car financing service provider in Brazil for Hyundai Motor.“The joint venture will be Hyundai Capital's first step into the Latin American market, and it has received authorization by the Central Bank of Brazil. Banco Hyundai Capital Brasil started operating April 15,” a Hyundai Capital spokesman said. Hyundai Capital said it sees great potential in the Brazilian automotive sector amid growing demand for cars in the regio

Apr 17, 2019
Hyundai Capital, Santander launch joint venture in Brazil

Open banking to erode card firms' market share

gettyimagesbankBy Kim Jae-kyoungThe financial regulator's move to give fintech firms' access to a bank settlement system will hurt credit card companies, Moody's Investors Service said Monday.The concern came after the Financial Services Commission announced plans Feb. 25 to establish an open banking system with all banks' mandatory participation and a unified commission rate, which will allow fintech firms to develop payment services based on the banks' settlement system.In its report, the global credit ratings agency said the plan is credit positive for banks, but credit negative for credit card companies such as Shinhan Card and Woori Card because increased competition from alternative payment services will weigh on their profitability.“The new plan will erode credit card companies' market share of consumer expenditure, which is uniquely high in Korea,” it said.It pointed out that card issuers are likely to experience a major setback as the new plan was announced as they started to wind down consumer benefits in response to the regulators' plan to cut merchant fee rate

Mar 5, 2019By Kim Jae-kyoung
Open banking to erode card firms' market share

MG and KDB Life struggle to stay afloat

By Jhoo Dong-chanThe nation's two small insurers ― MG Non-Life and KDB Life Insurance ― are struggling to stay afloat due to worsening business performance over the past few years.Market watchers doubt the troubled insurers will normalize their operations this year, citing poor management and lack of capital. Some are raising concerns that if the current situation endures, they may face liquidation next year.MG Non-Life CEO Kim Dong-juIn 2013, Jabez LLC, a local private equity unit of Jabez Partners, acquired a 94 percent stake in MG Non-Life. The remaining 6 percent was taken over by the Korea Federation of Community Credit Cooperatives (KFCC).The KFCC has since taken the de facto owner of the insurer as it also acquired a 93.3 percent stake of Jabez LLC from Jabez Partners then. However, the KFCC has only played a financial investor's role.“The only reason the KFCC took over MG Non-Life was because of the insurer's business license,” said a major non-life insurer official who demanded not to be named.“The KFCC was going to get MG Non-Life back on track by selling

Dec 3, 2018By Jhoo Dong-chan
MG and KDB Life struggle to stay afloat
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